Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-7.94%
trims when stocks drop
when a holding falls −10%+
Middle response
-12.42%
baseline attrition
Rally response
-27.01%
trims into rallies
when a holding rises +10%+
Top positions · 30
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| CCNRALPS Funds CoreCommodity | $337M | 62.6% | — | 1.8 yr |
| NTRNutrien Ltd. | $7M | 1.4% | +56.2% | 8.0 yr |
| SMSM Energy Company | $7M | 1.2% | +8.9% | 7.5 yr |
| MURMurphy Oil Corporation | $5M | 1.0% | +52.7% | 10.3 yr |
| CHRDChord Energy Corporation | $5M | 1.0% | +32.8% | 3.5 yr |
| MOSThe Mosaic Company | $5M | 0.9% | -2.7% | 9.3 yr |
| LBRTLiberty Energy Inc. | $5M | 0.9% | +86.0% | 5.3 yr |
| DARDarling Ingredients Inc. | $4M | 0.8% | +98.0% | 10.5 yr |
| EOGEOG Resources, Inc. | $4M | 0.8% | +16.9% | 10.5 yr |
| CTVACorteva, Inc. | $4M | 0.8% | +34.3% | 6.3 yr |
| CFCF Industries Holdings, | $4M | 0.8% | +70.0% | 9.8 yr |
| MTDRMatador Resources Compan | $4M | 0.8% | +27.6% | 9.8 yr |
| COPConocoPhillips | $4M | 0.7% | +30.0% | 10.5 yr |
| CNHICNH Industrial N.V. | $4M | 0.7% | — | 8.8 yr |
| PTENPatterson-UTI Energy, In | $4M | 0.7% | +39.4% | 10.5 yr |
Portfolio composition (YoY)
Industry mix
Asset Management62.6%+5.5pp$337M
Oil & Gas Exploration & Production11.1%+3.0pp$60M
Oil & Gas Equipment & Services6.7%+2.3pp$36M
Agricultural Inputs4.1%+2.3pp$22M
Solar2.2%+0.2pp$12M
Packaged Foods1.7%-0.7pp$9M
Agricultural - Machinery1.6%+0.0pp$8M
Oil & Gas Drilling1.4%-0.2pp$7M
Regulated Water1.1%-0.5pp$6M
Industrial Materials1.0%-0.2pp$5M
Country
US90.8%+3.7pp
CA5.5%-2.2pp
GB0.9%+0.3pp
BM0.7%+0.3pp
CN0.6%-0.7pp
Unknown0.3%-0.7pp
CO0.2%+0.1pp
KY0.2%+0.0pp
Top 5: 67.2% · Top 10: 71.4% · Top 25: 81.2%
Top buys this quarter · 15
| NTR Nutrien Ltd. | +$7M |
| MOS The Mosaic Company | +$4M |
| CF CF Industries Holdings, Inc. | +$3M |
| CRC California Resources Corporati | +$3M |
| SM SM Energy Company | +$3M |
| DQ Daqo New Energy Corp. | +$3M |
| PR Permian Resources Corporation | +$2M |
| KGS Kodiak Gas Services, Inc. | +$2M |
| OXY Occidental Petroleum Corporati | +$2M |
| HRL Hormel Foods Corporation | +$2M |
Top sells this quarter · 15
| HBM Hudbay Minerals Inc. | −$7M |
| AA Alcoa Corporationexit | −$6M |
| TSN Tyson Foods, Inc. | −$4M |
| SU Suncor Energy Inc. | −$4M |
| SCCO Southern Copper Corporationexit | −$3M |
| FCX Freeport-McMoRan Inc. | −$3M |
| LBRT Liberty Energy Inc. | −$3M |
| VLTO Veralto Corporation | −$3M |
| CENX Century Aluminum Company | −$2M |
| CGAU Centerra Gold Inc. | −$2M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $538M | 119 | +70.94% | +17.59% | +53.35% | -0.05B |
| 2025-12-31 | $474M | 116 | +35.99% | +17.72% | +18.28% | -0.15B |
| 2025-09-30 | $551M | 127 | +15.06% | +17.52% | -2.46% | -0.17B |
| 2025-06-30 | $608M | 139 | +0.17% | +14.94% | -14.77% | -0.03B |
| 2025-03-31 | $615M | 149 | -5.02% | +8.30% | -13.32% | +0.11B |
| 2024-12-31 | $512M | 127 | -0.66% | +24.89% | -25.54% | -0.00B |
| 2024-09-30 | $543M | 134 | +6.83% | +36.04% | -29.21% | +0.28B |
| 2024-06-30 | $258M | 133 | +6.33% | +24.49% | -18.16% | -0.02B |
| 2024-03-31 | $281M | 164 | +6.34% | +29.62% | -23.28% | -0.07B |
| 2023-12-31 | $337M | 157 | +4.08% | +26.18% | -22.10% | +0.03B |
| 2023-09-30 | $298M | 147 | +17.41% | +21.57% | -4.16% | -0.05B |
| 2023-06-30 | $340M | 186 | +12.99% | +19.42% | -6.44% | -0.00B |
| 2023-03-31 | $350M | 163 | -3.93% | -7.82% | +3.89% | +0.02B |
| 2022-12-31 | $324M | 155 | +15.34% | +7.56% | +7.77% | +0.01B |
| 2022-09-30 | $274M | 144 | -0.78% | -4.93% | +4.15% | -0.10B |
| 2022-06-30 | $381M | 155 | -17.04% | -16.11% | -0.93% | +0.00B |